Mortgage brokers in Langley, B.C. are here to help our clients get the best mortgage possible. Our brokers will review your situation and advise you of the possible options. Our goal is to get the best overall mortgage with the best terms.
If you already have an existing mortgage and want to refinance the mortgage you will need some information. Ask you present lender when the mortgage matures and if there is any early payment penalties. If there are no penalties a refinance is fairly easy to complete. If the penalties are significant a refinance may not be justified.
The loan to value ratio of your mortgage determines the amount of money you can borrow. Most mortgage lenders in Langley want to keep the loan to value ratio below 80% for a first mortgage. A second mortgage loan to value ratio should not exceed 85%. A low loan to value ratio will help you get a lower interest mortgage.
Your credit score is another important factor in determining the mortgage terms. An excellent credit rating allows you choose the best options and interest rates for your mortgage. A poor credit rating limits the options and the possible number of lenders. A poor credit rating will usually result in the borrower paying a higher interest rate.
We also have private lenders in the Langley area. Private lenders are not required to follow the strict bank guidelines. Private lenders in Langley can lend money for your house mortgage even if you have bad credit. Private lenders base their lending decision on the equity in your home. Private lenders are an excellent alternative if a bank has turned you down for a loan.
Call our Langley mortgage broker for a free consultation.
Follow this link for the City of Langley.